MCM

Please start getting your documents ready and either email or drop them by our office. We look forward to helping you navigate these topics and others this tax season!

To claim your stimulus payment, look for Line 30 on your 1040 tax form From tax professionals to do-it-yourself software, all eyes will be on Line 30 of IRS Form 1040.

It’s officially that time of year!

IRS: critical tax credit provides a significant refund boost to millions The Internal Revenue Service said it wants to remind taxpayers about the Earned Income Tax Credit. Friday is EITC awareness day.

This a little crazy folks and these CPAs don’t think the back and forth with PPP is over.

IRS Clarifies Stance On No Deductibility Of Expenses Paid With PPP Funds The IRS just released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 to clarify the rules for deducting expenses paid with PPP funds. Here’s what you need to know.

Make sure you speak to your CPA to help you maximize your PPP loan forgiveness!

Bill on PPP Loan Forgiveness Calculators Introduced in House | ThinkAdvisor The legislation calls for creation of a simple online calculator to help small-business owners fill out complex loan forgiveness forms.

Let us know if you need assistance with PPP Loan forgiveness. We have relationships with several of the local banks and can help you navigate.

PPP: Client forgiveness services Q&As for CPAs Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.

Additional information on CARES tax relief from the IRS.

Many businesses affected by COVID-19 qualify for tax relief. Business owners can take advantage of the:
• Credits for paid sick and family leave
• Employee Retention Credit
• Deferral of employment tax deposits and payments through Dec. 31, 2020

To learn more about these credits and if you qualify to claim them, click here: https://go.usa.gov/xwZye

There are several non-PPP benefits of the CARES act that are directly relevant to our clients. Don’t forget to consider the tax advantages as you continue to operate in a very difficult time.

Under the CARES Act, businesses are encouraged to keep employees on their payroll with the Employee Retention Credit. It also helps to make sure workers aren't forced to choose between their paychecks and the public health measures needed to combat the coronavirus. Eligible employers can claim this credit for wages paid after March 12, 2020, and before January 1, 2021.

To learn more about this valuable credit, click here: https://www.irs.gov/newsroom/new-employee-retention-credit-helps-employers-keep-employees-on-payroll

Big changes signed into law for PPP. The revisions have changed the rules around loan forgiveness considerably. Please give us a call to discuss a change to your strategy in using the funds effectively.

Trump Signs New Law Relaxing PPP Rules: What You Need To Know The new Paycheck Protection Program Flexibility Act (PPPFA) attempts to address many concerns around the PPP loan program aimed at providing COVID-19 relief.

Congress has amended the CARES bill to include an additional $310 billion in PPP funding. Please reach out if you’re having trouble securing a loan. We have several clients who have received approvals.

Ready. Set. Go. Small Businesses And The Race For Round 2 PPP Funds Senate Republicans and Democrats reached a deal on Tuesday to approve a bill that provides an additional $484 billion of coronavirus-relief funding, including an additional $310 billion for the government-backed Paycheck Protection Program (“PPP”).

PPP loan tracker.

Some good information for business owners. Also, consider contributing as we start hopefully seeing PPP loan traction in the area.

COVID Loan Tracker Where is my loan? Status of Loan Payments.Data as of 2:00pm 4/13/2020 collected from 4,030+ small businesses reporting up to $1,500,000,000+ in loan applications across 50 states.A resource aiding small businesses with a list of institutions to submit their PPP loan applications with and a small bus...